Premisas de Diseño, cuadro de ordenamiento de datos, diagramas e idea

5.48 P r o v i s i o n s (EUR x 1,000) 2009 2008 Restruc- turing Proce- dures Total Restruc- turing Proce- dures Total Balance at 1 January 137 13,018 13,155 373 15,905 16,278 Provisions made during the year – 1,050 1,050 – 4,818 4,818 Provisions used during the year (101) (461) (562) (236) – (236) Provisions reversed during the year – (7,403) (7,403) – (7,705) (7,705) Balance at 31 December 36 6,204 6,240 137 13,018 13,155 Non-current 36 6,204 6,240 137 13,018 13,155

* _{Including accrued interest.}

Procedures

The Group is involved in several legal proceedings in various jurisdictions (including the USA) as a result of its normal business activities, either as plaintiffs or defendants in claims. The Board of Management ensures that these cases are vigorously defended. The Group has set up adequate provisions for those claims where

management believes it is probable that a liability has been incurred and the amount is reasonably estimable. These provisions are reviewed periodically and adjusted if necessary. Considering the expected duration of the (legal court) proceedings, management does not expect the legal actions, for which a provision has been set-up, to be completed within the next year. The expected outflows of economic benefits have been discounted at a rate of 4.5%, and are based on managements best estimate. Final settlements can differ from this estimate, and could require revisions to the estimated provisions. In 2009, the Company settled a number of claims without

incurring costs. Consequently part of the provision for procedures has been reversed.

5.49 Tr a d e a n d o t h e r p a y a b l e s

(EUR x 1,000) 2009 2008

Trade payables 74,249 98,322

Advance instalments to work in progress 32,527 16,276 Foreign exchange contracts – 1,482 Non-trade payables and accrued expenses 243,267 279,440 Balance at 31 December 350,043 395,520

5.50 F i n a n c i a l r i s k m a n a g e m e n t

5.50.1 Overview

The Company’s risk management policy includes the long-term sustainable management of its business activities and where possible, the mitigation of the associated business risks. Based on the nature and relative significance of the risks related to the Group’s wide diversity of markets, clients and regions and its broad portfolio of activities the risks have been quantified to the extent possible.

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The Group has exposure to the following risks from its use of financial instruments: – credit risk

– liquidity risk – market risk

This note presents information about the Group’s exposure to each of the above risks, the Group’s objectives, policies and processes for measuring and managing risk, and the Group’s management of capital.

The Board of Management has overall responsibility for the establishment and oversight of the Group’s risk management framework.

The Group’s risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group’s activities. The Group, through its training and management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their role and obligations.

The Audit Committee oversees how management monitors compliance with the Group’s risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. The Audit Committee is assisted in its oversight role by internal audit. Both regular and ad hoc reviews of risk management controls and procedures are performed, the results of which are reported directly to the Board of Management and Executive Committee. A summary of important observations is reported to the Audit Committee.

5.50.2 Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group’s receivables from customers.

Trade and other receivables

The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer and countries in which the customers are located. As the Group operates to a large extent in the oil and gas industry a significant portion of trade and other receivables relates to clients from this industry.

Some of the Group’s orders are awarded on the basis of long-term preferred supplier agreements. In the course of a year the Company often carries out multiple projects for the same client. The projects carried out for any single client do not, however, account for more than 4% on an annual basis of the total revenue. Having a large number of clients and short project time spans mitigates the Company’s credit risk as the individual amounts receivable with the same client are limited.

New customers are analysed individually for creditworthiness before payment and delivery terms and conditions are offered. The Group’s review may include external ratings, where available, and in some cases bank

references. Customers that fail to meet the Group’s benchmark creditworthiness may transact with the Group only on a prepayment basis or have to provide a bank guarantee.

The majority of the Group’s customers has done business with the Group for many years and significant losses have only occurred incidentally in prior years. However, as a result of the expected negative effects of the current worldwide economic crisis the credit risk has increased significantly. Customers that are known to have negative credit characteristics are individually monitored by the group controllers. Findings are reported on a bi-weekly basis to the Board of Management. If customers fail to pay timely the Group re-assesses the creditworthiness and stronger debt collection is started if deemed necessary. The Group publishes an internal list of customers that need extra attention before a contract is closed.

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